“So, how did we get here? It has been, to say the least, the perfect storm. A precipitous decline in revenue and a tough economy have coupled with a credit crisis, making it extremely difficult to support our debt. All of our major advertising categories have been dramatically impacted.

“By restructuring our debt, we will reduce the pressure on the company’s operating businesses, enabling us to pursue our vision of creating a sustainable, cutting-edge media company that is valued by our readers, viewers, and advertisers, and that plays a vital role in the communities we serve. This filing should not impact the way you do your jobs on a day-to-day basis. We will continue to operate responsibly in a challenging environment -– aggressively managing costs and maximizing revenue opportunities. These are all things we would do whether or not we were restructuring our debt.”

Here’s a timeline of related financial developments since Zell purchased the company: